According to the Bank of England, Brits are feeling the pinch as mortgage arrears have reached their highest level in seven years. This bit of gloomy news comes as no surprise, with interest rates steadily climbing and the cost of living continuing its relentless march upwards.

The figures show that the proportion of mortgages in arrears crept up to its highest point since 2016. While this doesn’t quite match the financial woes of the 2008 crisis, it’s certainly a wake-up call for many homeowners. Experts point the finger at rising interest rates, which are putting a strain on household finances. Let’s face it, when your monthly mortgage payment starts to feel more like a millstone around your neck, it can be tough to keep up.

There’s a bit of a silver lining, however. The current arrears figures are still a far cry from the dark days of the financial crisis. Additionally, some recent interest rate falls could provide some welcome relief for homeowners coming off fixed-rate deals.

But let’s not get ahead of ourselves. The cost-of-living crisis is still very much a reality, and many Brits are struggling to make ends meet. It’s important to remember that these numbers represent real people facing financial difficulties. If you’re one of those folks feeling the pressure on your mortgage, there are organisations available to offer help and advice. Don’t be afraid to reach out – a chat with a financial advisor or debt charity could be the first step towards getting back on track.